UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K/A
 (Amendment No.1)
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the Fiscal Year Ended December 31, 2009
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission File Number 000-51634
 SUPERFUND GREEN, L.P.
  DELAWARE
    
    98-0375395(State or other jurisdiction of 
incorporation or organization)
    
    (IRS Employer Identification Number)
 SUPERFUND OFFICE BUILDING 
P.O. BOX 1479
GRAND ANSE 
ST. GEORGES, GRENADA 
WEST INDIES
    
    Not applicable(Address of principal executive offices)
    
    (Zip Code)
 (473) 439-2418
 None
  Units of Limited Partnership Interest
   o þ
  o þ
  þ o
  o o
 o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
(do not check if a smaller reporting company)
    
    Smaller reporting company þ
  o þ
  Not applicable.




---



##### 



EXPLANATORY NOTE
   2




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##### 



Item 9A. Controls And Procedures.
 Controls and Procedures
  Changes in Internal Control over Financial Reporting
  Managements Annual Report on Internal Control over Financial Reporting
  
 
 
     3




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##### 



Item 15. Exhibits, Financial Statement Schedules.
 (a)
    
    The Following documents are filed as part of this report:
 (1)
    
    Financial Statements beginning on page 7 hereof.(2)
    
    Financial Statement Schedules:
 Financial statement schedules have been omitted because they are not required or because
equivalent information has been included in the financial statements or notes thereto.
 (3)
    
    Exhibits as required by Item 601 of Regulation S-K.The following exhibits are included herewith.
 ExhibitNumber
    
    Description of Document3.01
    
    Form of Fifth Amended and Restated Limited Partnership Agreement of Superfund Green, L.P.31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer31.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
  10.01(g)
    
    Administration, Accounting and Investor Services Agreement.10.02
    
    Form of Subscription Agreement10.03(a)
    
    Escrow Agreement between Series A and HSBC Bank USA.10.03(b)
    
    Escrow Agreement between Series B and HSBC Bank USA.
  3.02
    
    Certificate of Limited Partnership.
 4




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##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
     
 5




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##### 



SUPERFUND GREEN, L.P.
STATEMENTS OF ASSETS AND LIABILITIES


December 31, 2009 and December 31, 2008
 December 31, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value,
(amortized cost $42,403,057 and $86,320,840 as of
December 31, 2009 and December 31, 2008, respectively)
    
    $
    42,403,057
    
    
    $
    86,320,840Due from brokers
    
    
    43,238,109
    
    
    
    10,011,675Unrealized appreciation on open forward contracts
    
    
    696,512
    
    
    
    56,016Futures contracts purchased
    
    
    1,573,761
    
    
    
    2,713,619Futures contracts sold
    
    
    
    
    
    
    517,307Cash
    
    
    642,058
    
    
    
    1,479,277Total assets
    
    
    88,553,497
    
    
    
    101,098,734LIABILITIESUnrealized depreciation on open forward contracts
    
    
    1,552,248
    
    
    
    206,840Redemptions payable
    
    
    1,437,508
    
    
    
    4,482,082Due to affiliate
    
    
    
    
    
    
    300,000Futures contracts sold
    
    
    35,632
    
    
    
    Fees payable
    
    
    392,266
    
    
    
    520,427Total liabilities
    
    
    3,417,654
    
    
    
    5,509,349NET ASSETS
    
    $
    85,135,843
    
    
    $
    95,589,385
  6




---



##### 



SUPERFUND GREEN, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 25, 2010
(amortized cost $42,403,057), securities are held in margin
accounts as collateral for open futures and forwards$
    42,405,000
    
    
    
    49.8
    %
    
    $
    42,403,057Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.8
    
    
    
    696,512Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.8
    
    
    
    696,512Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.8
    )
    
    
    (1,552,248
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.8
    )
    
    
    (1,552,248
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (1.0
    )
    
    
    (855,736
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    (0.7
    )
    
    
    (631,137
    )Energy
    
    
    
    
    
    
    0.5
    
    
    
    464,616Financial
    
    
    
    
    
    
    (0.7
    )
    
    
    (592,735
    )Food & Fiber
    
    
    
    
    
    
    1.4
    
    
    
    1,206,762Indices
    
    
    
    
    
    
    2.6
    
    
    
    2,178,831Metals
    
    
    
    
    
    
    (1.2
    )
    
    
    (1,052,576
    )Total futures contracts purchased
    
    
    
    
    
    
    1.8
    
    
    
    1,573,761Futures contracts soldEnergy
    
    
    
    
    
    
    (0.1
    )
    
    
    (48,560
    )Financial
    
    
    
    
    
    
    0.3
    
    
    
    256,733Food & Fiber
    
    
    
    
    
    
    (0.2
    )
    
    
    (146,300
    )Livestock
    
    
    
    
    
    
    (0.1
    )
    
    
    (58,425
    )Indices
    
    
    
    
    
    
    0.0
    *
    
    
    (39,080
    )Total futures contracts sold
    
    
    
    
    
    
    0.0
    *
    
    
    (35,632
    )Total futures contracts, at fair value
    
    
    
    
    
    
    1.8
    
    
    
    1,538,129Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    (0.2
    )
    
    
    (166,738
    )Great Britain
    
    
    
    
    
    
    0.2
    
    
    
    186,129Japan
    
    
    
    
    
    
    0.5
    
    
    
    406,969United States
    
    
    
    
    
    
    0.1
    
    
    
    48,897Other
    
    
    
    
    
    
    0.2
    
    
    
    207,136Total futures and forward contracts by country
    
    
    
    
    
    
    0.8
    %
    
    $
    682,393
 
 *
    
    Due to rounding  7




---



##### 



SUPERFUND GREEN, L.P.  CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2008
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 26, 2009
(amortized cost $86,320,840), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    86,335,000
    
    
    
    90.3
    %
    
    $
    86,320,840Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.1
    %
    
    $
    56,016Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.1
    
    
    
    56,016Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.2
    )
    
    
    (206,840
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.2
    )
    
    
    (206,840
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.2
    )%
    
    $
    (150,824
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    0.4
    %
    
    $
    383,485Financial
    
    
    
    
    
    
    2.1
    
    
    
    2,044,010Food & Fiber
    
    
    
    
    
    
    0.1
    
    
    
    125,510Indices
    
    
    
    
    
    
    0.1
    
    
    
    91,879Metals
    
    
    
    
    
    
    0.1
    
    
    
    68,735Total futures contracts purchased
    
    
    
    
    
    
    2.8
    
    
    
    2,713,619Futures contracts soldCurrency
    
    
    
    
    
    
    0.1
    
    
    
    139,360Energy
    
    
    
    
    
    
    0.4
    
    
    
    408,463Financial
    
    
    
    
    
    
    0.0
    *
    
    
    (29,416
    )Food & Fiber
    
    
    
    
    
    
    (0.2
    )
    
    
    (185,510
    )Indices
    
    
    
    
    
    
    (0.1
    )
    
    
    (92,505
    )Livestock
    
    
    
    
    
    
    0.1
    
    
    
    87,510Metals
    
    
    
    
    
    
    0.2
    
    
    
    189,405Total futures contracts sold
    
    
    
    
    
    
    0.5
    
    
    
    517,307Total futures contracts, at fair value
    
    
    
    
    
    
    3.4
    %
    
    $
    3,230,926Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    0.6
    %
    
    $
    578,879Great Britain
    
    
    
    
    
    
    0.4
    
    
    
    401,768United States
    
    
    
    
    
    
    1.6
    
    
    
    1,511,180Other
    
    
    
    
    
    
    0.6
    
    
    
    588,275Total futures and forward contracts by country
    
    
    
    
    
    
    3.2
    %
    
    $
    3,080,102
  8




---



##### 



SUPERFUND GREEN, L.P.
STATEMENTS OF OPERATIONS


Years Ended December 31, 2009 and December 31, 2008
 2009
    
    
    2008Investment income,interest
    
    $
    101,008
    
    
    $
    1,709,336ExpensesIncentive fee
    
    
    301,233
    
    
    
    5,617,846Management fee
    
    
    1,740,053
    
    
    
    1,750,783Ongoing offering expenses
    
    
    940,568
    
    
    
    946,369Operating expenses
    
    
    141,085
    
    
    
    141,955Selling commission
    
    
    3,762,276
    
    
    
    3,785,476Brokerage commissions
    
    
    2,374,747
    
    
    
    1,587,288Other
    
    
    35,919
    
    
    
    42,072Total expenses
    
    
    9,295,881
    
    
    
    13,871,789Net investment loss
    
    
    (9,194,873
    )
    
    
    (12,162,453
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures and forward
contracts
    
    
    (35,842,238
    )
    
    
    40,232,474Net change in unrealized appreciation (depreciation) on futures and forward contracts
    
    
    (2,397,709
    )
    
    
    2,359,764Net gain (loss) on investments
    
    
    (38,239,947
    )
    
    
    42,592,238Net increase (decrease) in net assets from operations
    
    $
    (47,434,820
    )
    
    $
    30,429,785
  9




---



##### 



SUPERFUND GREEN, L.P.
STATEMENTS OF CHANGES IN NET ASSETS



Years Ended December 31, 2009 and December 31, 2008
 2009
    
    
    2008Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (9,194,873
    )
    
    $
    (12,162,453
    )Net realized gain (loss) on futures and forward contracts
    
    
    (35,842,238
    )
    
    
    40,232,474Net change in unrealized appreciation (depreciation) on futures and forward contracts
    
    
    (2,397,709
    )
    
    
    2,359,764Net increase (decrease) in net assets from operations
    
    
    (47,434,820
    )
    
    
    30,429,785Capital share transactionsIssuance of shares
    
    
    65,149,247
    
    
    
    45,180,696Redemption of shares
    
    
    (28,167,969
    )
    
    
    (63,810,751
    )Net increase (decrease) in net assets from capital share transactions
    
    
    36,981,278
    
    
    
    (18,630,055
    )Net increase (decrease) in net assets
    
    
    (10,453,542
    )
    
    
    11,799,730Net assets, beginning of year
    
    
    95,589,385
    
    
    
    83,789,655Net assets, end of year
    
    $
    85,135,843
    
    
    $
    95,589,385
  10




---



##### 



SUPERFUND GREEN, L.P.
STATEMENTS OF CASH FLOWS

Years Ended December 31, 2009 and December 31, 2008
 2009
    
    
    2008Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    (47,434,820
    )
    
    $
    30,429,785Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (211,006,719
    )
    
    
    (337,646,713
    )Sales and maturities of U.S. government securities
    
    
    255,012,670
    
    
    
    332,009,103Amortization of discounts and premiums
    
    
    (88,168
    )
    
    
    (1,449,776
    )Due from brokers
    
    
    (33,226,434
    )
    
    
    (993,069
    )Due to affiliate
    
    
    (300,000
    )
    
    
    166,724Due from affiliate
    
    
    
    
    
    
    133,276Unrealized appreciation on open forward contracts
    
    
    (640,496
    )
    
    
    330,144Futures contracts purchased
    
    
    1,139,858
    
    
    
    (2,113,821
    )Unrealized depreciation on open forward contracts
    
    
    1,345,408
    
    
    
    (1,318,977
    )Futures contracts sold
    
    
    552,939
    
    
    
    742,890Fees payable
    
    
    (128,161
    )
    
    
    137,902Net cash provided by (used in) operating activities
    
    
    (34,773,923
    )
    
    
    20,427,468Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    65,149,247
    
    
    
    45,180,696Redemptions, net of redemption payable
    
    
    (31,212,543
    )
    
    
    (64,316,816
    )Net cash provided by (used in) financing activities
    
    
    33,936,704
    
    
    
    (19,136,120
    )Net increase (decrease) in cash
    
    
    (837,219
    )
    
    
    1,291,348Cash, beginning of year
    
    
    1,479,277
    
    
    
    187,929Cash, end of year
    
    $
    642,058
    
    
    $
    1,479,277
  11




---



##### 



SUPERFUND GREEN, L.P.  SERIES A  STATEMENTS OF ASSETS AND LIABILITIES


December 31, 2009 and December 31, 2008
 December 31, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value
(amortized cost $16,019,268 and $31,494,929 as of
December 31, 2009, and December 31, 2008, respectively)
    
    $
    16,019,268
    
    
    $
    31,494,929Due from brokers
    
    
    17,161,443
    
    
    
    4,049,967Unrealized appreciation on open forward contracts
    
    
    187,448
    
    
    
    11,138Futures contracts purchased
    
    
    465,462
    
    
    
    735,529Futures contracts sold
    
    
    
    
    
    
    109,330Cash
    
    
    611,470
    
    
    
    810,576Total assets
    
    
    34,445,091
    
    
    
    37,211,469LIABILITIESUnrealized depreciation on open forward contracts
    
    
    421,267
    
    
    
    43,336Redemptions payable
    
    
    550,221
    
    
    
    1,714,573Due to affiliate
    
    
    
    
    
    
    300,000Futures contracts sold
    
    
    10,673
    
    
    
    Fees payable
    
    
    150,435
    
    
    
    181,226Total liabilities
    
    
    1,132,596
    
    
    
    2,239,135NET ASSETS
    
    $
    33,312,495
    
    
    $
    34,972,334Number of Units
    
    
    24,594.117
    
    
    
    18,098.830Net asset value per Unit
    
    $
    1,354.49
    
    
    $
    1,932.30
  12




---



##### 



SUPERFUND GREEN, L.P.  SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 25, 2010 (amortized
cost $16,019,268), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    16,020,000
    
    
    
    48.1
    %
    
    $
    16,019,268Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.6
    
    
    
    187,448Total unrealized appreciation on forward
contracts
    
    
    
    
    
    
    0.6
    
    
    
    187,448Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.3
    )
    
    
    (421,267
    )Total unrealized depreciation on forward
contracts
    
    
    
    
    
    
    (1.3
    )
    
    
    (421,267
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.7
    )
    
    
    (233,819
    )Futures Contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    (0.5
    )
    
    
    (176,595
    )Energy
    
    
    
    
    
    
    0.4
    
    
    
    132,156Financial
    
    
    
    
    
    
    (0.4
    )
    
    
    (149,774
    )Food & Fiber
    
    
    
    
    
    
    1.0
    
    
    
    337,999Indices
    
    
    
    
    
    
    1.8
    
    
    
    605,471Metals
    
    
    
    
    
    
    (0.9
    )
    
    
    (283,795
    )Total futures contracts purchased
    
    
    
    
    
    
    1.4
    
    
    
    465,462Futures Contracts SoldEnergy
    
    
    
    
    
    
    (0.0
    )*
    
    
    (12,010
    )Financial
    
    
    
    
    
    
    0.2
    
    
    
    72,347Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (43,025
    )Indices
    
    
    
    
    
    
    (0.0)
    *
    
    
    (7,925
    )Livestock
    
    
    
    
    
    
    (0.1
    )
    
    
    (20,060
    )Total futures contracts sold
    
    
    
    
    
    
    (0.0)
    *
    
    
    (10,673
    )Total futures contracts, at fair value
    
    
    
    
    
    
    1.4
    
    
    
    454,789Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    (0.1
    )
    
    
    (51,393
    )Great Britain
    
    
    
    
    
    
    0.2
    
    
    
    61,549Japan
    
    
    
    
    
    
    0.3
    
    
    
    108,985United States
    
    
    
    
    
    
    0.1
    
    
    
    30,577Other
    
    
    
    
    
    
    0.2
    
    
    
    71,252Total futures and forward contracts by country
    
    
    
    
    
    
    0.7
    %
    
    $
    220,970
 
 *
    
    Due to rounding  13




---



##### 



SUPERFUND GREEN, L.P.  SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2008
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 26, 2009
(amortized cost $31,494,929), securities are held in
margin accounts as collateral for open futures and
forwards
    
    $
    31,500,000
    
    
    
    90.1
    %
    
    $
    31,494,929Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.0
    %
    
    $
    11,138Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.0
    *
    
    
    11,138Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.1
    )
    
    
    (43,336
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.1
    )
    
    
    (43,336
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.1
    )%
    
    $
    (32,198
    )Futures Contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.3
    %
    
    $
    101,136Financial
    
    
    
    
    
    
    1.5
    
    
    
    508,908Food & Fiber
    
    
    
    
    
    
    0.1
    
    
    
    33,914Indices
    
    
    
    
    
    
    0.0
    *
    
    
    22,836Metals
    
    
    
    
    
    
    0.2
    
    
    
    68,735Total futures contracts purchased
    
    
    
    
    
    
    2.1
    
    
    
    735,529Futures Contracts SoldCurrency
    
    
    
    
    
    
    0.1
    
    
    
    38,025Energy
    
    
    
    
    
    
    0.2
    
    
    
    88,531Financial
    
    
    
    
    
    
    0.0
    *
    
    
    919Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (40,878
    )Indices
    
    
    
    
    
    
    (0.0
    )*
    
    
    (7,067
    )Livestock
    
    
    
    
    
    
    0.1
    
    
    
    23,400Metals
    
    
    
    
    
    
    0.0
    *
    
    
    6,400Total futures contracts sold
    
    
    
    
    
    
    0.3
    
    
    
    109,330Total futures contracts, at fair value
    
    
    
    
    
    
    2.4
    %
    
    $
    844,859Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    0.4
    %
    
    $
    153,538Great Britain
    
    
    
    
    
    
    0.3
    
    
    
    110,392United States
    
    
    
    
    
    
    1.1
    
    
    
    369,143Other
    
    
    
    
    
    
    0.5
    
    
    
    179,588Total futures and forward contracts by country
    
    
    
    
    
    
    2.3
    %
    
    $
    812,661
 
 *
    
    Due to rounding  14




---



##### 



SUPERFUND GREEN, L.P.  SERIES A
STATEMENTS OF OPERATIONS


Years Ended December 31, 2009 and December 31, 2008
 2009
    
    
    2008Investment income,interest
    
    $
    36,541
    
    
    $
    917,244ExpensesIncentive fee
    
    
    
    
    
    
    1,786,681Management fee
    
    
    642,447
    
    
    
    813,892Ongoing offering expenses
    
    
    347,268
    
    
    
    439,942Operating expenses
    
    
    52,090
    
    
    
    65,991Selling commission
    
    
    1,389,074
    
    
    
    1,759,767Brokerage commissions
    
    
    637,825
    
    
    
    615,631Other
    
    
    15,191
    
    
    
    17,006Total expenses
    
    
    3,083,895
    
    
    
    5,498,910Net investment loss
    
    
    (3,047,354
    )
    
    
    (4,581,666
    )Realized and unrealized gain (loss) on
investmentsNet realized gain (loss) on futures and
forward contracts(8,768,134
    )
    
    
    17,288,029Net change in unrealized appreciation
(depreciation) on futures and forward
contracts(591,691
    )
    
    
    377,151Net gain (loss) on investments
    
    
    (9,359,825
    )
    
    
    17,665,180Net increase (decrease) in net assets from
operations
    
    $
    (12,407,179
    )
    
    $
    13,083,514Net increase (decrease) in net assets from
operations per unit (based upon weighted
average number of units outstanding during
period)
    
    $
    (563.24
    )
    
    $
    523.26Net increase (decrease) in net assets from
operations per unit (based upon change in net
asset value per unit during period)
    
    $
    (577.81
    )
    
    $
    445.86
  15




---



##### 



SUPERFUND GREEN, L.P.  SERIES A
STATEMENTS OF CHANGES IN NET ASSETS

Years Ended December 31, 2009 and December 31, 2008
 2009
    
    
    2008Increase (decrease) in net assets from operations:Net investment loss
    
    $
    (3,047,354
    )
    
    $
    (4,581,666
    )Net realized gain (loss) on futures and
forward contracts
    
    
    (8,768,134
    )
    
    
    17,288,029Net change in unrealized appreciation
(depreciation) on futures and forward
contracts
    
    
    (591,691
    )
    
    
    377,151Net increase (decrease) in net assets from operations
    
    
    (12,407,179
    )
    
    
    13,083,514Capital share transactionsIssuance of shares
    
    
    22,712,095
    
    
    
    6,800,873Redemption of shares
    
    
    (11,964,755
    )
    
    
    (42,846,561
    )Net increase (decrease) in net assets from capital
share transactions
    
    
    10,747,340
    
    
    
    (36,045,688
    )Net decrease in net assets
    
    
    (1,659,839
    )
    
    
    (22,962,174
    )Net assets, beginning of year
    
    
    34,972,334
    
    
    
    57,934,508Net assets, end of year
    
    $
    33,312,495
    
    
    $
    34,972,334Units, beginning of year
    
    
    18,098.830
    
    
    
    38,975.348Issuance of units
    
    
    13,736.756
    
    
    
    3,874.666Redemption of units
    
    
    (7,241.469
    )
    
    
    (24,751.184
    )Units, end of year
    
    
    24,594.117
    
    
    
    18,098.830
  16




---



##### 



SUPERFUND GREEN, L.P.  SERIES A
STATEMENTS OF CASH FLOWS

Years Ended December 31, 2009 and December 31, 2008
 2009
    
    
    2008Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    (12,407,179
    )
    
    $
    13,083,514Adjustments to reconcile net increase (decrease) in net assets
from operations to net cash provided by (used in) operating
activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (76,427,172
    )
    
    
    (155,825,083
    )Sales and maturities of U.S. government securities
    
    
    91,934,208
    
    
    
    180,364,661Amortization of discounts and premiums
    
    
    (31,375
    )
    
    
    (814,748
    )Due from brokers
    
    
    (13,111,476
    )
    
    
    1,455,170Due to affiliate
    
    
    (300,000
    )
    
    
    166,724Unrealized appreciation on open forward contracts
    
    
    (176,310
    )
    
    
    218,576Futures contracts purchased
    
    
    270,067
    
    
    
    (369,517
    )Unrealized depreciation on open forward contracts
    
    
    377,931
    
    
    
    (875,132
    )Futures contracts sold
    
    
    120,003
    
    
    
    648,922Fees payable
    
    
    (30,791
    )
    
    
    (130,277
    )Net cash provided by (used in) operating activities
    
    
    (9,782,094
    )
    
    
    37,922,810Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    22,712,095
    
    
    
    6,800,873Redemptions, net of redemptions payable
    
    
    (13,129,107
    )
    
    
    (44,027,661
    )Net cash provided by (used in) financing activities
    
    
    9,582,988
    
    
    
    (37,226,788
    )Net increase (decrease) in cash
    
    
    (199,106
    )
    
    
    696,022Cash, beginning of year
    
    
    810,576
    
    
    
    114,554Cash, end of year
    
    $
    611,470
    
    
    $
    810,576
  17




---



##### 



SUPERFUND GREEN, L.P.  SERIES B
STATEMENTS OF ASSETS AND LIABILITIES


December 31, 2009 and December 31, 2008
 December 31, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value,
(amortized cost $26,383,789 and $54,825,911
as of December 31, 2009 and December 31,
2008, respectively)
    
    $
    26,383,789
    
    
    $
    54,825,911Due from brokers
    
    
    26,076,666
    
    
    
    5,961,708Unrealized appreciation on open forward contracts
    
    
    509,064
    
    
    
    44,878Futures contracts purchased
    
    
    1,108,299
    
    
    
    1,978,090Futures contracts sold
    
    
    
    
    
    
    407,977Cash
    
    
    30,588
    
    
    
    668,701Total assets
    
    
    54,108,406
    
    
    
    63,887,265LIABILITIESUnrealized depreciation on open forward contracts
    
    
    1,130,981
    
    
    
    163,504Redemptions payable
    
    
    887,287
    
    
    
    2,767,509Futures contracts sold
    
    
    24,959
    
    
    
    Fees payable
    
    
    241,831
    
    
    
    339,201Total liabilities
    
    
    2,285,058
    
    
    
    3,270,214NET ASSETS
    
    $
    51,823,348
    
    
    $
    60,617,051Number of Units
    
    
    35,626.349
    
    
    
    23,305.633Net asset value per Unit
    
    $
    1,454.64
    
    
    $
    2,600.96
  18




---



##### 



SUPERFUND GREEN, L.P.  SERIES B
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 25, 2010
(amortized cost $26,383,789), securities are held in
margin accounts as collateral for open futures and
forwards
    
    $
    26,385,000
    
    
    
    50.9
    %
    
    $
    26,383,789Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    1.0
    
    
    
    509,064Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.0
    
    
    
    509,064Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (2.2
    )
    
    
    (1,130,981
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (2.2
    )
    
    
    (1,130,981
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (1.2
    )
    
    
    (621,917
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    (0.9
    )
    
    
    (454,542
    )Energy
    
    
    
    
    
    
    0.6
    
    
    
    332,460Financial
    
    
    
    
    
    
    (0.8
    )
    
    
    (442,961
    )Food & Fiber
    
    
    
    
    
    
    1.7
    
    
    
    868,763Indices
    
    
    
    
    
    
    3.0
    
    
    
    1,573,360Metals
    
    
    
    
    
    
    (1.5
    )
    
    
    (768,781
    )Total futures contracts purchased
    
    
    
    
    
    
    2.1
    
    
    
    1,108,299Futures contracts soldEnergy
    
    
    
    
    
    
    (0.1
    )
    
    
    (36,550
    )Financial
    
    
    
    
    
    
    0.4
    
    
    
    184,386Food & Fiber
    
    
    
    
    
    
    (0.2
    )
    
    
    (103,275
    )Livestock
    
    
    
    
    
    
    (0.1
    )
    
    
    (50,500
    )Indices
    
    
    
    
    
    
    (0.0
    )*
    
    
    (19,020
    )Total futures contracts sold
    
    
    
    
    
    
    (0.0
    )*
    
    
    (24,959
    )Total futures contracts, at fair value
    
    
    
    
    
    
    2.1
    
    
    
    1,083,340Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    (0.2
    )
    
    
    (115,345
    )Great Britain
    
    
    
    
    
    
    0.2
    *
    
    
    124,580Japan
    
    
    
    
    
    
    0.6
    
    
    
    297,984United States
    
    
    
    
    
    
    0.0
    
    
    
    18,320Other
    
    
    
    
    
    
    0.3
    
    
    
    135,884Total futures and forward contracts by country
    
    
    
    
    
    
    0.9
    %
    
    $
    461,423
 
 *
    
    Due to rounding  19




---



##### 



SUPERFUND GREEN, L.P.  SERIES B
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2008
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 26, 2009
(amortized cost $54,825,911), securities are held in
margin accounts as collateral for open futures and
forwards
    
    $
    54,835,000
    
    
    
    90.4
    %
    
    $
    54,825,911Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.1
    %
    
    $
    44,878Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.1
    
    
    
    44,878Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.3
    )
    
    
    (163,504
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.3
    )
    
    
    (163,504
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.2
    )%
    
    $
    (118,626
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    0.5
    %
    
    $
    282,349Financial
    
    
    
    
    
    
    2.5
    
    
    
    1,535,102Food & Fiber
    
    
    
    
    
    
    0.2
    
    
    
    91,596Indices
    
    
    
    
    
    
    0.1
    
    
    
    69,043Total futures contracts purchased
    
    
    
    
    
    
    3.3
    
    
    
    1,978,090Futures contracts soldCurrency
    
    
    
    
    
    
    0.2
    
    
    
    101,335Energy
    
    
    
    
    
    
    0.5
    
    
    
    319,932Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (30,335
    )Livestock
    
    
    
    
    
    
    0.1
    
    
    
    64,110Indices
    
    
    
    
    
    
    (0.1
    )
    
    
    (85,438
    )Food & Fiber
    
    
    
    
    
    
    (0.2
    )
    
    
    (144,632
    )Metals
    
    
    
    
    
    
    0.3
    
    
    
    183,005Total futures contracts sold
    
    
    
    
    
    
    0.7
    
    
    
    407,977Total futures contracts, at fair value
    
    
    
    
    
    
    4.0
    %
    
    $
    2,386,067Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    0.7
    %
    
    $
    425,341Great Britain
    
    
    
    
    
    
    0.5
    
    
    
    291,376United States
    
    
    
    
    
    
    1.9
    
    
    
    1,142,037Other
    
    
    
    
    
    
    0.7
    
    
    
    408,687Total futures and forward contracts by country
    
    
    
    
    
    
    3.8
    %
    
    $
    2,267,441
  20




---



##### 



SUPERFUND GREEN, L.P.  SERIES B
STATEMENTS OF OPERATIONS


Years Ended December 31, 2009 and December 31, 2008
 2009
    
    
    2008Investment income,interest
    
    $
    64,467
    
    
    $
    792,092ExpensesIncentive fee
    
    
    301,233
    
    
    
    3,831,165Management fee
    
    
    1,097,606
    
    
    
    936,891Ongoing offering expenses
    
    
    593,300
    
    
    
    506,427Operating expenses
    
    
    88,995
    
    
    
    75,964Selling commission
    
    
    2,373,202
    
    
    
    2,025,709Brokerage commissions
    
    
    1,736,922
    
    
    
    971,657Other
    
    
    20,728
    
    
    
    25,066Total expenses
    
    
    6,211,986
    
    
    
    8,372,879Net investment loss
    
    
    (6,147,519
    )
    
    
    (7,580,787
    )Realized and unrealized gain (loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    (27,074,104
    )
    
    
    22,944,445Net change in unrealized appreciation
(depreciation) on futures and forward
contracts(1,806,018
    )
    
    
    1,982,613Net gain (loss) on investments
    
    
    (28,880,122
    )
    
    
    24,927,058Net increase (decrease) in net assets from
operations
    
    $
    (35,027,641
    )
    
    $
    17,346,271Net increase (decrease) in net assets from
operations per unit (based upon weighted average
number of units outstanding during period)
    
    $
    (1,106.39
    )
    
    $
    786.52Net increase (decrease) in net assets from
operations per unit (based upon change in net
asset value per unit during period)
    
    $
    (1,146.32
    )
    
    $
    826.27
  21




---



##### 



SUPERFUND GREEN, L.P.  SERIES B
STATEMENTS OF CHANGES IN NET ASSETS

Years Ended December 31, 2009 and December 31, 2008
 2009
    
    
    2008Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (6,147,519
    )
    
    $
    (7,580,787
    )Net realized gain (loss) on futures and forward contracts
    
    
    (27,074,104
    )
    
    
    22,944,445Net change in unrealized appreciation (depreciation) on
futures and forward contracts
    
    
    (1,806,018
    )
    
    
    1,982,613Net increase (decrease) in net assets from operations
    
    
    (35,027,641
    )
    
    
    17,346,271Capital share transactionsIssuance of shares
    
    
    42,437,152
    
    
    
    38,379,823Redemption of shares
    
    
    (16,203,214
    )
    
    
    (20,964,190
    )Net increase in net assets from capital share transactions
    
    
    26,233,938
    
    
    
    17,415,633Net increase (decrease) in net assets
    
    
    (8,793,703
    )
    
    
    34,761,904Net assets, beginning of year
    
    
    60,617,051
    
    
    
    25,855,147Net assets, end of year
    
    $
    51,823,348
    
    
    $
    60,617,051Units, beginning of year
    
    
    23,305.633
    
    
    
    14,568.812Issuance of units
    
    
    20,136.910
    
    
    
    17,593.459Redemption of units
    
    
    (7,816.194
    )
    
    
    (8,856.638
    )Units, end of year
    
    
    35,626.349
    
    
    
    23,305.633
  22




---



##### 



SUPERFUND GREEN, L.P.  SERIES B
STATEMENTS OF CASH FLOWS


Years Ended December 31, 2009 and December 31, 2008
 2009
    
    
    2008Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    (35,027,641
    )
    
    $
    17,346,271Adjustments to reconcile net increase (decrease) in net assets
from operations to net cash used in operating activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (134,579,547
    )
    
    
    (181,821,630
    )Sales and maturities of U.S. government securities
    
    
    163,078,462
    
    
    
    151,644,442Amortization of discounts and premiums
    
    
    (56,793
    )
    
    
    (635,028
    )Due from brokers
    
    
    (20,114,958
    )
    
    
    (2,448,239
    )Due from affiliate
    
    
    
    
    
    
    133,276Unrealized appreciation on open forward contracts
    
    
    (464,186
    )
    
    
    111,568Futures contracts purchased
    
    
    869,791
    
    
    
    (1,744,304
    )Unrealized depreciation on open forward contracts
    
    
    967,477
    
    
    
    (443,845
    )Futures contracts sold
    
    
    432,936
    
    
    
    93,968Fees payable
    
    
    (97,370
    )
    
    
    268,179Net cash used in operating activities
    
    
    (24,991,829
    )
    
    
    (17,495,342
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    42,437,152
    
    
    
    38,379,823Redemptions, net of redemption payable
    
    
    (18,083,436
    )
    
    
    (20,289,155
    )Net cash provided by financing activities
    
    
    24,353,716
    
    
    
    18,090,668Net increase (decrease) in cash
    
    
    (638,113
    )
    
    
    595,326Cash, beginning of year
    
    
    668,701
    
    
    
    73,375Cash, end of year
    
    $
    30,588
    
    
    $
    668,701
  23




---



##### 



SUPERFUND GREEN, L.P.

(formerly known as QUADRIGA SUPERFUND, L.P.)

NOTES TO FINANCIAL STATEMENTS

December 31, 2009
 (1) Nature of Operations
 Organization and Business
 Superfund Green, L.P., formerly known as Quadriga Superfund, L.P. (the Fund), a Delaware
limited partnership, commenced operations on November 5, 2002. The Fund was organized to trade
speculatively in the United States of America (U.S.) and international commodity futures
markets using a fully-automated computerized trading system. The Fund has issued two classes of
Units, Series A and Series B (the Series). The two Series will be traded and managed the same
way except for the degree of leverage.
 The term of the Fund shall continue until December 31, 2050, unless terminated earlier by the
Funds general partner, Superfund Capital Management, Inc. (Superfund Capital Management) or
by operation of law or a decline in the aggregate net assets of such Series to less than
$500,000.
 (2) Basis of Presentation and Significant Accounting Policies
 (a)
    
    Basis of Presentation
 Pursuant to rules and regulations of the Securities and Exchange
Commission (SEC), audited financial statements are presented for the
Fund as a whole, as the SEC registrant, and for Series A and Series B
individually. The accompanying financial statements and notes thereto
have been amended from the financial statements originally issued on
March 31, 2010 to include financial statements and footnote totals
for the Fund as a whole. For the avoidance of doubt, the debts, liabilities, obligations and
expenses incurred, contracted for or otherwise existing with respect
to a particular Series shall be enforceable only against the assets of
such Series and not against the assets of the Fund generally or any
other Series. Accordingly, the assets of one Series of the Fund
include only those funds and other assets that are paid to, held by or
distributed to the Fund on account of and for the benefit of that
Series, including, without limitation, funds delivered to the Fund for
the purchase of Units in that Series.
 (b)
    
    Valuation of Investments in Futures Contracts, Forward Contracts, and U.S Treasury Bills
 All commodity interests (including derivative financial instruments and derivative commodity
instruments) are used for trading purposes. The commodity interests are recorded on a trade
date basis and open contracts are recorded in the statements of assets and liabilities at
fair value on the last business day of the period, which represents market value for those
commodity interests for which market quotes are readily available.
 Exchange-traded futures contracts are valued at settlement prices published by the
recognized exchange. Any spot and forward foreign currency contracts held by the Fund will
be valued at published settlement prices or at dealers quotes. The Fund uses the amortized
cost method for valuing U.S. Treasury Bills due to the short-term nature of such instrument;
accordingly, the cost of securities plus accreted discount, or minus amortized premium
approximates fair value (See Section (2)(g)  Fair Value Measurements).
 (c)
    
    Translation of Foreign Currency
 Assets and liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the period end exchange rates. Purchases and sales of investments, and income and
expenses that are denominated in foreign currencies are translated into U.S. dollar amounts
on the transaction date. Adjustments arising from foreign currency transactions are
reflected in the statements of operations.
 The Fund does not isolate that portion of the results of operations arising from the effect
of changes in foreign exchange rates on investments from fluctuations from changes in market
prices of investments held. Such fluctuations are included in net gain (loss) on investments
in the statements of operations.
 (d)
    
    Investment Transactions, Investment Income, and Expenses
 Investment transactions are accounted for on a trade-date basis. Interest income and
expenses are recognized on the accrual basis.
 (e)
    
    Income Taxes
 The Fund does not record a provision for U.S. income taxes because the partners report their
share of the Funds income or loss on their returns. The financial statements reflect the
Funds transactions without adjustment, if any, required for income tax purposes.
 Superfund Capital Management has evaluated the application of Accounting Standards
Codification (ASC) 740 to the Fund, to determine whether or not there are uncertain tax
positions that require financial statement recognition. Based on this evaluation, the
 24




---



##### 



Fund
has determined no reserves for uncertain tax position are required to be recorded as a
result of the application of ASC 740. The
Fund is not aware of any tax positions for which it is reasonably possible that the total
amounts of unrecognized tax benefits will change materially in the next twelve months. As a
result, no income tax liability or expense has been recorded in the accompanying financial
statements. The fund files federal and various state tax returns. The 2006 through 2009 tax
years generally remain subject to examination by the U.S. federal and most state tax
authorities.
 (f)
    
    Use of Estimates
 The preparation of financial statements in conformity with accounting principles generally
accepted in the U.S. requires Superfund Capital Management to make estimates and
assumptions that affect the amounts reported and disclosed in the financial statements.
Actual results could differ from those estimates.
 (g)
    
    Recently Issued Accounting Pronouncements
 ASC 105.10.05
 In June 2009, the Financial Accounting Standards Board (FASB) issued FASB 105.10.05,
Generally Accepted Accounting Principles(ASC 105.10.05). ASC 105.10.05 establishes FASB
ASC as the single source of authoritative generally accepted accounting principles (GAAP).
Pursuant to the provisions of ASC 105.10.05, the Fund has adopted ASC 105.10.05 and updated
references to GAAP in its financial statements issued subsequent to September 15, 2009. The
adoption of ASC 105.10.05 did not have any impact on the Funds results of operations,
financial condition or cash flows.
 ASU 2010-06
 In January 2010, FASB issued Accounting Standards Update No. 2010-06 (ASU 2010-06),
Improving Disclosures about Fair Value Measurements, which, among other things, amends ASC
820 to require entities to separately present purchases, sales, issuances, and settlements
in their reconciliation of Level 3 fair value measurements (i.e. to present such items as
gross basis rather than on a net basis), and which clarifies existing disclosure
requirements provided by ASC 820 regarding the level of disaggregation and the inputs and
valuation techniques used to measure fair value for measurements that fall within either
Level 2 or Level 3 of the fair value hierarchy. ASU 2010-06 is effective for interim and
annual periods beginning after December 15, 2009, except for the disclosures about
purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair
value measurements (which are effective for fiscal years beginning after December 15, 2010
and for interim periods within those fiscal years). Superfund Capital Management is
currently evaluating the impact of ASU 2010-06 on the Funds financial statements.
 (h)
    
    Fair Value Measurements
 The Fund follows ASC 820, Fair Value Measurements(ASC 820). ASC 820 establishes a fair
value hierarchy that prioritizes the inputs to valuation techniques used to measure fair
value. The hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (level 1 measurements) and the lowest priority
to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy
under ASC 820 are described below:
 Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical,
unrestricted assets or liabilities.Level 2 Quoted prices in markets that are not considered to be active or financial instruments for which all significant
inputs are observable, either directly or indirectly.Level 3
Prices or valuations that require inputs that are both significant to
the fair value measurement and unobservable.
 A financial instruments level within the fair value hierarchy is based on the lowest level
of any input that is significant to the fair value measurement. In determining fair value,
the Fund separates its financial instruments into two categories: U.S. government securities
and derivative contracts.
 U.S. Government Securities.The Funds only market exposure in instruments held other than
for trading is in its U.S. Treasury Bill portfolio. As the Fund uses the amortized cost
method for valuing its U.S. Treasury Bill portfolio, which approximates fair value, this
portfolio is classified within level 2 of the fair value hierarchy.
 Derivative Contracts.Derivative contracts can be exchange-traded or over-the-counter
(OTC). Exchange-traded derivatives typically fall within level 1 or level 2 of the fair
value hierarchy depending on whether they are deemed to be actively traded or not. The Fund
has exposure to exchange-traded derivative contracts through the Funds trading of
exchange-traded futures contracts. The Funds exchange-traded futures contract positions
are valued daily at settlement prices published by the applicable exchanges. In such cases,
provided they are deemed to be actively traded, exchange-traded derivatives are classified
within level 1 of the fair value hierarchy. Less actively traded exchange-traded
derivatives fall within level 2 of the fair value hierarchy.
 25




---



##### 



OTC derivatives are valued using market transactions and other market evidence whenever
possible, including market-based inputs to models, model calibration to market-clearing
transactions, broker or dealer quotations, or alternative pricing sources with reasonable
levels of price transparency. Where models are used, the selection of a particular model to
value an OTC derivative depends upon the contractual terms of, and specific risks inherent
in, the instrument as well as the availability of pricing information in the market. For OTC
derivatives that trade in liquid markets, such as generic forwards and swaps, model inputs
can generally be verified and model selection does not involve significant management
judgment. The OTC derivatives held by the Fund may include forwards and swaps. Spot and
forward foreign currency contracts held by the Fund are valued at published daily settlement
prices or at dealers quotes. The Funds forward and swap positions are typically
classified within level 2 of the fair value hierarchy.
 Certain OTC derivatives traded in less liquid markets with limited pricing information, and
the determination of fair value for these derivatives is inherently more difficult. Such
instruments are classified within level 3 of the fair value hierarchy. Where the Fund does
not have corroborating market evidence to support significant model inputs and cannot verify
the model to market transactions, transaction price is initially used as the best estimate
of fair value. Accordingly, when a pricing model is used to value such an instrument, the
model is adjusted so that the model value at inception equals the transaction price. The
valuations of these less liquid OTC derivatives are typically based on level 1 and/or
level 2 inputs that can be observed in the market, as well as unobservable level 3 inputs.
Subsequent to initial recognition, the Fund updates the level 1 and level 2 inputs to
reflect observable market changes, with resulting gains and losses reflected within level 3.
Level 3 inputs are only changed when corroborated by evidence such as similar market
transactions, third-party pricing services and/or broker or dealer quotations, or other
empirical market data. In circumstances where the Fund cannot verify the model value to
market transactions, it is possible that a different valuation model could produce a
materially different estimate of fair value. The Fund attempts to avoid holding less
liquid OTC derivatives. However, once held, the market for any particular derivative
contract could become less liquid during the holding period. As of and during the year ended
December 31, 2009, the Fund held no derivative contracts valued using level 3 inputs.
 The following table summarizes the valuation of the Funds assets and liabilities by the ASC
820 fair value hierarchy as of December 31, 2009:
  BalanceDecember 31,2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    42,403,057
    
    
    $
    
    
    
    $
    42,403,057
    
    
    $
    Unrealized
appreciation on
open forward
contracts
    
    
    696,512
    
    
    
    
    
    
    
    696,512
    
    
    
    Futures contracts
purchased
    
    
    1,573,761
    
    
    
    1,573,761
    
    
    
    
    
    
    
    Total Assets
Measured at Fair
Value
    
    $
    44,673,330
    
    
    $
    1,573,761
    
    
    $
    43,099,569
    
    
    $
    LIABILITIESUnrealized depreciation
on open forward contracts
    
    $
    1,552,248
    
    
    $
    
    
    
    $
    1,552,248
    
    
    $
    Futures contracts sold
    
    
    35,632
    
    
    
    35,632
    
    
    
    
    
    
    
    Total Liabilities
Measured at Fair Value
    
    $
    1,587,880
    
    
    $
    35,632
    
    
    $
    1,552,248
    
    
    $
    
 26




---



##### 



BalanceDecember 31, 2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    16,019,268
    
    
    $
    
    
    
    $
    16,019,268
    
    
    $
    Unrealized
appreciation on
open forward
contracts
    
    
    187,448
    
    
    
    
    
    
    
    187,448
    
    
    
    Futures contracts
purchased
    
    
    465,462
    
    
    
    465,462
    
    
    
    
    
    
    
    Total Assets
Measured at Fair
Value
    
    $
    16,672,178
    
    
    $
    465,462
    
    
    $
    16,206,716
    
    
    $
    LIABILITIESUnrealized
depreciation on
open forward
contracts
    
    $
    421,267
    
    
    $
    
    
    
    $
    421,267
    
    
    $
    Futures contracts
sold
    
    
    10,673
    
    
    
    10,673
    
    
    
    
    
    
    
    Total Liabilities
Measured at Fair
Value
    
    $
    431,940
    
    
    $
    10,673
    
    
    $
    421,267
    
    
    $
    
 27




---



##### 



BalanceDecember 31, 2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    26,383,789
    
    
    $
    
    
    
    $
    26,383,789
    
    
    $
    Unrealized
appreciation on
open forward
contracts
    
    
    509,064
    
    
    
    
    
    
    
    509,064
    
    
    
    Futures contracts
purchased
    
    
    1,108,299
    
    
    
    1,108,299
    
    
    
    
    
    
    
    Total Assets
Measured at Fair
Value
    
    $
    28,001,152
    
    
    $
    1,108,299
    
    
    $
    26,892,853
    
    
    $
    LIABILITIESUnrealized
depreciation on open
forward contracts
    
    $
    1,130,981
    
    
    $
    
    
    
    $
    1,130,981
    
    
    $
    Futures contracts sold
    
    
    24,959
    
    
    
    24,959
    
    
    
    
    
    
    
    Total Liabilities
Measured at Fair
Value
    
    $
    1,155,940
    
    
    $
    24,959
    
    
    $
    1,130,981
    
    
    $
    
   BalanceDecember 31, 2008
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    86,320,840
    
    
    $
    
    
    
    $
    85,320,840
    
    
    $
    Unrealized
appreciation on
open forward
contracts
    
    
    56,016
    
    
    
    
    
    
    
    56,016
    
    
    
    Futures contracts
purchased
    
    
    2,713,619
    
    
    
    2,713,619
    
    
    
    
    
    
    
    Futures contracts
sold
    
    
    517,307
    
    
    
    517,307
    
    
    
    
    
    
    
    Total Assets
Measured at Fair
Value
    
    $
    89,607,782
    
    
    $
    3,230,926
    
    
    $
    86,376,856
    
    
    $
    LIABILITIESUnrealized
depreciation on
open forward
contracts
    
    $
    206,840
    
    
    $
    
    
    
    $
    206,840
    
    
    $
    Total Liabilities
Measured at Fair
Value
    
    $
    206,840
    
    
    $
    
    
    
    $
    206,840
    
    
    $
    
 28




---



##### 



BalanceDecember 31, 2008
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    31,494,929
    
    
    $
    
    
    
    $
    31,494,929
    
    
    $
    Unrealized
appreciation on
open forward
contracts
    
    
    11,138
    
    
    
    
    
    
    
    11,138
    
    
    
    Futures contracts
purchased
    
    
    735,529
    
    
    
    735,529
    
    
    
    
    
    
    
    Futures contracts
sold
    
    
    109,330
    
    
    
    109,330
    
    
    
    
    
    
    
    Total Assets
Measured at Fair
Value
    
    $
    32,350,926
    
    
    $
    844,859
    
    
    $
    31,506,067
    
    
    $
    LIABILITIESUnrealized
depreciation on
open forward
contracts
    
    $
    43,336
    
    
    $
    
    
    
    $
    43,336
    
    
    $
    Total Liabilities
Measured at Fair
Value
    
    $
    43,336
    
    
    $
    
    
    
    $
    43,336
    
    
    $
    
 29




---



##### 



BalanceDecember 31, 2008
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    54,825,911
    
    
    $
    
    
    
    $
    54,825,911
    
    
    $
    Unrealized
appreciation on open
forward contracts
    
    
    44,878
    
    
    
    
    
    
    
    44,878
    
    
    
    Futures contracts
purchased
    
    
    1,978,090
    
    
    
    1,978,090
    
    
    
    
    
    
    
    Futures contracts sold
    
    
    407,977
    
    
    
    407,977
    
    
    
    
    
    
    
    Total Assets Measured
at Fair Value
    
    $
    57,256,856
    
    
    $
    2,386,067
    
    
    $
    54,870,789
    
    
    $
    LIABILITIESUnrealized
depreciation on
open forward
contracts
    
    $
    163,504
    
    
    $
    
    
    
    $
    163,504
    
    
    $
    Total Liabilities
Measured at Fair
Value
    
    $
    163,504
    
    
    $
    
    
    
    $
    163,504
    
    
    $
    
 (3) Disclosure of derivative instruments and hedging activities
 The Fund follows ASC 815, Disclosures about Derivative Instruments and
Hedging Activities(ASC 815). ASC 815 is intended to improve
financial reporting for derivative instruments by requiring enhanced
disclosure that enables investors to understand how and why an entity
uses derivatives, how derivatives are accounted for, and how
derivative instruments affect an entitys results of operations and
financial position.Derivative instruments held by the Fund do not qualify as derivative
instruments held as hedging instruments, as defined in ASC 815.
Instead, the Fund includes derivative instruments in its trading
activity. Per the requirements of ASC 815, the Fund discloses the
gains and losses on its trading activities for both derivative and
nonderivative instruments in the Statement of Operations for each
Series.The Fund engages in the speculative trading of forward contracts in
currency and futures contracts in a wide range of commodities,
including equity markets, interest rates, food and fiber, energy,
livestock and metals. ASC 815 requires entities to recognize all
derivatives instruments as either assets or liabilities at fair value
in the statement of financial position. Investments in forward
contracts and commodity futures contracts are recorded in the
Statements of Assets and Liabilities as unrealized appreciation or
depreciation on open forward contracts and futures contracts purchased
and futures contracts sold. Since the derivatives held or sold by the
Fund are for speculative trading purposes, the derivative instruments
are not designated as hedging instruments under the provisions of ASC
815. Accordingly, all realized gains and losses, as well as any change
in net unrealized gains or losses on open positions from the preceding
period, are recognized as part of the Funds trading profits and
losses in the Statements of Operations.Superfund Capital Management believes futures and forward trading
activity expressed as a percentage of net assets is indicative of
trading activity. Information concerning the fair value of the Funds
derivatives held long or sold short, as well as information related to
the annual average volume of the Funds derivative activity, is as
follows:
 30




---



##### 



As of December 31, 2009Long Positions Gross Unrealized
    
    
    
    
    
    
    Short Position Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gains (Losses) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign
Exchange
    
    $
    413,502
    
    
    
    0.5
    
    
    $
    (991,114
    )
    
    
    (1.2
    )
    
    $
    283,010
    
    
    
    0.3
    
    
    $
    (561,134
    )
    
    
    (0.7
    )
    
    $
    (855,736
    )Currency
    
    
    235,600
    
    
    
    0.3
    
    
    
    (866,737
    )
    
    
    (1.0
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (631,137
    )Financial
    
    
    496,948
    
    
    
    0.6
    
    
    
    (1,089,683
    )
    
    
    (1.3
    )
    
    
    276,081
    
    
    
    0.3
    
    
    
    (19,348
    )
    
    
    (0.0
    )*
    
    
    (336,002
    )Food & Fiber
    
    
    1,291,163
    
    
    
    1.5
    
    
    
    (84,401
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (146,300
    )
    
    
    (0.2
    )
    
    
    1,060,462Indices
    
    
    2,235,215
    
    
    
    2.6
    
    
    
    (56,384
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (26,945
    )
    
    
    (0.0
    )*
    
    
    2,151,886Metals
    
    
    1,237,052
    
    
    
    1.5
    
    
    
    (2,289,628
    )
    
    
    (2.7
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,052,576
    )Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (70,560
    )
    
    
    (0.1
    )
    
    
    (70,560
    )Energy
    
    
    532,486
    
    
    
    0.6
    
    
    
    (67,870
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (48,560
    )
    
    
    (0.1
    )
    
    
    416,056Totals
    
    $
    6,441,966
    
    
    
    7.6
    
    
    $
    (5,445,817
    )
    
    
    (6.5
    )
    
    $
    559,091
    
    
    
    0.6
    
    
    $
    (872,847
    )
    
    
    (1.1
    )
    
    $
    682,393
 
 *
    
    Due to rounding  Average number
    
    
    Average number
    
    
    Average value
    
    
    Average valueof Long
    
    
    of Short
    
    
    of Long
    
    
    of ShortContracts
    
    
    Contracts
    
    
    Positions
    
    
    PositionsForeign Exchange
    
    
    52
    
    
    
    48
    
    
    $
    190,560
    
    
    $
    (700,112
    )
 Average number
    
    
    Average numberof Long
    
    
    of ShortContracts
    
    
    ContractsCurrency
    
    
    885
    
    
    
    341Financial
    
    
    4,177
    
    
    
    148Food & Fiber
    
    
    240
    
    
    
    549Indices
    
    
    559
    
    
    
    289Metals
    
    
    288
    
    
    
    123Livestock
    
    
    0
    
    
    
    201Energy
    
    
    244
    
    
    
    438Totals
    
    
    6,445
    
    
    
    2,137
  For the year ended December 31, 2009Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (5,844,157
    )
    
    $
    (704,912
    )
    
    $
    (6,549,069
    )Currency
    
    
    (8,319,151
    )
    
    
    (1,153,982
    )
    
    
    (9,473,133
    )Financial
    
    
    637,546
    
    
    
    (2,350,596
    )
    
    
    (1,713,050
    )Food & Fiber
    
    
    (3,590,616
    )
    
    
    1,120,462
    
    
    
    (2,470,154
    )Indices
    
    
    (9,681,594
    )
    
    
    2,152,512
    
    
    
    (7,529,082
    )Metals
    
    
    2,592,849
    
    
    
    (1,310,716
    )
    
    
    1,282,133Livestock
    
    
    665,240
    
    
    
    (158,070
    )
    
    
    507,170Energy
    
    
    (12,302,355
    )
    
    
    7,593
    
    
    
    (12,294,762
    )Total net trading losses
    
    $
    (35,842,238
    )
    
    $
    (2,397,709
    )
    
    $
    (38,239,947
    )
 31




---



##### 



As of December 31, 2009Long Positions Gross Unrealized
    
    
    
    
    
    
    Short Position Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gains (Losses) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign
Exchange
    
    $
    113,007
    
    
    
    0.3
    
    
    $
    (263,555
    )
    
    
    (0.8
    )
    
    $
    74,441
    
    
    
    0.2
    
    
    $
    (157,712
    )
    
    
    (0.4
    )
    
    $
    (233,819
    )Currency
    
    
    67,730
    
    
    
    0.2
    
    
    
    (244,325
    )
    
    
    (0.7
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (176,595
    )Financial
    
    
    151,789
    
    
    
    0.5
    
    
    
    (301,563
    )
    
    
    (0.9
    )
    
    
    77,875
    
    
    
    0.2
    
    
    
    (5,528
    )
    
    
    (0.0
    )*
    
    
    (77,427
    )Food & Fiber
    
    
    360,737
    
    
    
    1.1
    
    
    
    (22,738
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (43,025
    )
    
    
    (0.1
    )
    
    
    294,974Indices
    
    
    620,907
    
    
    
    1.8
    
    
    
    (15,436
    )
    
    
    (0.0
    )*
    
    
    
    
    
    
    
    
    
    
    (7,925
    )
    
    
    (0.0
    )*
    
    
    597,546Metals
    
    
    353,181
    
    
    
    1.0
    
    
    
    (636,976
    )
    
    
    (1.9
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (283,795
    )Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (20,060
    )
    
    
    (0.1
    )
    
    
    (20,060
    )Energy
    
    
    150,196
    
    
    
    0.5
    
    
    
    (18,040
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (12,010
    )
    
    
    (0.0
    )*
    
    
    120,146Totals
    
    $
    1,817,547
    
    
    
    5.4
    
    
    $
    (1,502,633
    )
    
    
    (4.5
    )
    
    $
    152,316
    
    
    
    0.4
    
    
    $
    (246,260
    )
    
    
    (0.6
    )
    
    $
    220,970
 
 *
    
    Due to rounding  Average number
    
    
    Average number
    
    
    Average value
    
    
    Average valueof Long
    
    
    of Short
    
    
    of Long
    
    
    of ShortContracts
    
    
    Contracts
    
    
    Positions
    
    
    PositionsForeign Exchange
    
    
    23
    
    
    
    22
    
    
    $
    48,653
    
    
    $
    (170,446
    )
 Average number
    
    
    Average numberof Long
    
    
    of ShortContracts
    
    
    ContractsCurrency
    
    
    264
    
    
    
    95Financial
    
    
    1,146
    
    
    
    40Food & Fiber
    
    
    67
    
    
    
    148Indices
    
    
    138
    
    
    
    89Metals
    
    
    81
    
    
    
    32Livestock
    
    
    0
    
    
    
    58Energy
    
    
    69
    
    
    
    110Totals
    
    
    1,788
    
    
    
    594
  For the year ended December 31, 2009Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (1,475,144
    )
    
    $
    (201,621
    )
    
    $
    (1,676,765
    )Currency
    
    
    (2,190,296
    )
    
    
    (315,756
    )
    
    
    (2,506,052
    )Financial
    
    
    224,040
    
    
    
    (587,254
    )
    
    
    (363,214
    )Food & Fiber
    
    
    (900,346
    )
    
    
    301,938
    
    
    
    (598,408
    )Indices
    
    
    (2,489,390
    )
    
    
    581,777
    
    
    
    (1,907,613
    )Metals
    
    
    1,032,905
    
    
    
    (358,930
    )
    
    
    673,975Livestock
    
    
    183,530
    
    
    
    (43,460
    )
    
    
    140,070Energy
    
    
    (3,153,433
    )
    
    
    31,615
    
    
    
    (3,121,818
    )Total net trading losses
    
    $
    (8,768,134
    )
    
    $
    (591,691
    )
    
    $
    (9,359,825
    )
 32




---



##### 



As of December 31, 2009Long Positions Gross Unrealized
    
    
    
    
    
    
    Short Position Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gains (Losses) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign
Exchange
    
    $
    300,495
    
    
    
    0.6
    
    
    $
    (727,559
    )
    
    
    (1.4
    )
    
    $
    208,569
    
    
    
    0.4
    
    
    $
    (403,422
    )
    
    
    (0.8
    )
    
    $
    (621,917
    )Currency
    
    
    167,870
    
    
    
    0.3
    
    
    
    (622,412
    )
    
    
    (1.2
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (454,542
    )Financial
    
    
    345,159
    
    
    
    0.7
    
    
    
    (788,120
    )
    
    
    (1.5
    )
    
    
    198,206
    
    
    
    0.4
    
    
    
    (13,820
    )
    
    
    (0.0
    )*
    
    
    (258,575
    )Food & Fiber
    
    
    930,426
    
    
    
    1.8
    
    
    
    (61,663
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (103,275
    )
    
    
    (0.2
    )
    
    
    765,488Indices
    
    
    1,614,308
    
    
    
    3.1
    
    
    
    (40,948
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (19,020
    )
    
    
    (0.0
    )*
    
    
    1,554,340Metals
    
    
    883,871
    
    
    
    1.7
    
    
    
    (1,652,652
    )
    
    
    (3.2
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (768,781
    )Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (50,500
    )
    
    
    (0.1
    )
    
    
    (50,500
    )Energy
    
    
    382,290
    
    
    
    0.7
    
    
    
    (49,830
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (36,550
    )
    
    
    (0.1
    )
    
    
    295,910Totals
    
    $
    4,624,419
    
    
    
    8.9
    
    
    $
    (3,943,184
    )
    
    
    (7.6
    )
    
    $
    406,775
    
    
    
    0.8
    
    
    $
    (626,587
    )
    
    
    (1.2
    )
    
    $
    461,423
 
 *
    
    Due to rounding Series B average quarterly contract volume by market sector for year ended December 31,
2009:
 Average number
    
    
    Average number
    
    
    Average value
    
    
    Average valueof Long
    
    
    of Short
    
    
    of Long
    
    
    of ShortContracts
    
    
    Contracts
    
    
    Positions
    
    
    PositionsForeign Exchange
    
    
    29
    
    
    
    26
    
    
    $
    141,907
    
    
    $
    (529,666
    )
 Average number
    
    
    Average numberof Long
    
    
    of ShortContracts
    
    
    ContractsCurrency
    
    
    621
    
    
    
    246Financial
    
    
    3,032
    
    
    
    108Food & Fiber
    
    
    174
    
    
    
    402Indices
    
    
    421
    
    
    
    200Metals
    
    
    207
    
    
    
    90Livestock
    
    
    0
    
    
    
    143Energy
    
    
    175
    
    
    
    328Totals
    
    
    4,659
    
    
    
    1,543
  For the year ended December 31, 2009Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (4,369,013
    )
    
    $
    (503,291
    )
    
    $
    (4,872,304
    )Currency
    
    
    (6,128,855
    )
    
    
    (838,226
    )
    
    
    (6,967,081
    )Financial
    
    
    413,506
    
    
    
    (1,763,342
    )
    
    
    (1,349,836
    )Food & Fiber
    
    
    (2,690,270
    )
    
    
    818,524
    
    
    
    (1,871,746
    )Indices
    
    
    (7,192,204
    )
    
    
    1,570,735
    
    
    
    (5,621,469
    )Metals
    
    
    1,559,944
    
    
    
    (951,786
    )
    
    
    608,158Livestock
    
    
    481,710
    
    
    
    (114,610
    )
    
    
    367,100Energy
    
    
    (9,148,922
    )
    
    
    (24,022
    )
    
    
    (9,172,944
    )Total net trading losses
    
    $
    (27,074,104
    )
    
    $
    (1,806,018
    )
    
    $
    (28,880,122
    )
 33




---



##### 



(4)
    
    Due from/to BrokersDue from brokers consist of proceeds from securities sold. Amounts due from brokers may be
restricted to the extent that they serve as deposits for securities sold short. Amounts due to
brokers represent margin borrowings that are collateralized by certain securities. As of
December 31, 2009, there were no amounts due to brokers.In the normal course of business, all of the Funds marketable securities transactions, money
balances and marketable security positions are transacted with brokers. The Fund is subject to
credit risk to the extent any broker with whom it conducts business is unable to fulfill
contractual obligations on its behalf. Superfund Capital Management monitors the financial
condition of such brokers and does not anticipate any losses from these counterparties.(5)
    
    Allocation of Net Profits and LossesIn accordance with the Fifth Amended and Restated Limited Partnership Agreement (the Limited
Partnership Agreement), net profits and losses of the Fund are allocated to partners according
to their respective interests in the Fund as of the beginning of each month.Advance subscriptions, if any, represent cash received prior to December 31 for contributions of
the subsequent month and do not participate in the earnings of the Fund until the following
January.(6)
    
    Related Party TransactionsSuperfund Capital Management shall be paid a management fee equal to one-twelfth of 1.85% of
month-end net assets (1.85% per annum) of net assets, ongoing offering expenses equal to
one-twelfth of 1% of month-end net assets (1% per annum), not to exceed the amount of actual
expenses incurred, and monthly operating expenses equal to one-twelfth of 0.15% of month-end net
assets (0.15% per annum), not to exceed the amount of actual expenses incurred. In accordance
with the Prospectus dated November 24, 2009, as supplemented on December 3, 2009, included
within the Registration Statement on Form S-1 (File No. 333-162132) as subsequently
supplemented, Superfund USA, an entity related to Superfund Capital Management by common
ownership, shall be paid monthly selling commissions equal to one-twelfth of 4% (4% per annum)
of the month-end net asset value of the Fund. However, the maximum cumulative selling
commission per Unit is limited to 10% of the initial public offering price of Units sold
pursuant to such Prospectus.Superfund Capital Management will also be paid a monthly performance/incentive fee equal to 25%
of the new appreciation without respect to interest income. Trading losses will be carried
forward and no further performance/incentive fee may be paid until the prior losses have been
recovered.As of December 31, 2009, Superfund Capital Management owned 386.799 Units of Series A,
representing 1.57% of the total issued Units of Series A, and 528.22 Units of Series B,
representing 1.48% of the total issued Units of Series B, having a combined value of $1,292,285.(7)
    
    Financial Highlights
  SERIES A
    
    
    SERIES BTotal returnTotal return before incentive fees
    
    
    (29.9
    )%
    
    
    (43.7
    )%Incentive fees
    
    
    0.0
    
    
    
    (0.4
    )Total return after incentive fees
    
    
    (29.9
    )%
    
    
    (44.1
    )%Ratio to average partners capitalOperating expenses before incentive fees
    
    
    8.9
    %
    
    
    9.9
    %Incentive fees
    
    
    0.0
    
    
    
    0.5Total expenses
    
    
    8.9
    %
    
    
    10.4
    %Net investment loss
    
    
    (8.8
    )%
    
    
    (9.8
    )%Net assets value per unit, beginning of period
    
    $
    1,932.30
    
    
    $
    2,600.96Net investment loss
    
    
    (139.94
    )
    
    
    (197.32
    )Net loss on investments
    
    
    (437.87
    )
    
    
    (949.00
    )Net asset value per unit, end of period
    
    $
    1,354.49
    
    
    $
    1,454.64Other per Unit information:Net decrease in net assets from operations per Unit
(based upon weighted average
Number of Units during period)
    
    $
    (563.24
    )
    
    $
    (1,106.39
    )Net decrease in net assets from operations per Unit
(based upon change in net asset
value per Unit)
    
    $
    (577.81
    )
    
    $
    (1,146.32
    )
 34




---



##### 



SERIES A
    
    
    SERIES BTotal returnTotal return before incentive fees
    
    
    34.6
    %
    
    
    56.6
    %Incentive fees
    
    
    4.6
    
    
    
    10.0Total return after incentive fees
    
    
    30.0
    %
    
    
    46.6
    %Ratio to average partners capitalOperating expenses before incentive fees
    
    
    8.3
    %
    
    
    9.4
    %Incentive fees
    
    
    4.0
    
    
    
    7.9Total expenses
    
    
    12.3
    %
    
    
    17.3
    %Net investment loss
    
    
    (6.3)
    %
    
    
    (7.8)
    %Net assets value per unit, beginning of period
    
    $
    1,486.44
    
    
    $
    1,774.69Net investment loss
    
    
    (175.42
    )
    
    
    (352.33
    )Net gain on investments
    
    
    621.28
    
    
    
    1,178.60Net asset value per unit, end of period
    
    $
    1,932.30
    
    
    $
    2,600.96Other per Unit information:Net increase in net assets from operations per Unit (based upon weighted average
Number of Units during period)
    
    $
    523.26
    
    
    $
    786.52Net increase in net assets from operations per Unit (based upon change in net asset
value per Unit)
    
    $
    445.86
    
    
    $
    826.27
 (8)
    
    Financial Instrument RiskIn the normal course of its business, the Fund is party to financial instruments with
off-balance sheet risk, including derivative financial instruments and derivative commodity
instruments. The term off-balance sheet risk refers to an unrecorded potential liability that,
even though it does not appear on the balance sheet, may result in a future obligation or loss.
These financial instruments may include forwards, futures, and options, whose values are based
upon an underlying asset, index, or reference rate, and generally represent future commitments
to exchange currencies or cash flows, to purchase or sell other financial instruments at
specific terms at specific future dates, or, in the case of derivative commodity instruments, to
have a reasonable possibility to be settled in cash, through physical delivery or with another
financial instrument. These instruments may be traded on an exchange or OTC. Exchange-traded
instruments are standardized and include futures and certain option contracts. OTC contracts are
negotiated between contracting parties and include forwards and certain options. Each of these
instruments is subject to various risks similar to those related to the underlying financial
instruments including market and credit risk. In general, the risks associated with OTC
contracts are greater than those associated with exchange traded instruments because of the
greater risk of default by the counterparty to an OTC contract.For the Fund, gross unrealized gains and losses related to exchange traded futures were
$6,304,545 and $4,766,416, respectively, and gross unrealized gains and losses related to
non-exchange traded forwards were $696,512 and $1,552,248, respectively, at December 31, 2009.
 35




---



##### 



For Series A, gross unrealized gains and losses related to exchange traded futures were
$1,782,415 and $1,327,626, respectively, and gross unrealized gains and losses related to
non-exchange traded forwards were $187,448 and $421,267, respectively, at December 31, 2009.For Series B, gross unrealized gains and losses related to exchange traded futures were
$4,522,130 and $3,438,790, respectively, and gross unrealized gains and losses related to
non-exchange traded forwards were $509,064 and $1,130,981, respectively, at December 31, 2009.Market risk is the potential for changes in the value of the financial instruments traded by the
Fund due to market changes, including interest and foreign exchange rate movements and
fluctuations in commodity prices. In entering into these contracts, there exists a market risk
that such contracts may be significantly influenced by conditions, such as interest rate
volatility, resulting in such contracts being less valuable. If the markets should move against
all of the futures interest positions at the same time, and Superfund Capital Management is
unable to offset such positions, the Fund could experience substantial losses.Credit risk is the possibility that a loss may occur due to the failure of a counterparty to
perform according to the terms of a contract. Credit risk with respect to exchange-traded
instruments is reduced to the extent that an exchange or clearing organization acts as a
counterparty to the transactions. The Funds risk of loss in the event of counterparty default
is typically limited to the amounts recognized in the statements of assets and liabilities and
not represented by the contract or notional amounts of the instruments. As the Funds assets are
held in segregated accounts with futures commission merchants, the Fund has credit risk and
concentration risk. The Funds futures commission merchants are currently ADM Investor Services,
Inc., Barclays Capital Inc., and Rosenthal Collins Group, L.L.C.Superfund Capital Management monitors and controls the Funds risk exposure on a daily basis
through financial, credit and risk management monitoring systems, and accordingly believes that
it has effective procedures for evaluating and limiting the credit and market risks to which the
Fund is subject. These monitoring systems allow Superfund Capital Management to statistically
analyze actual trading results with risk adjusted performance indicators and correlation
statistics. In addition, on-line monitoring systems provide account analysis of futures and
forward positions by sector, margin requirements, gain and loss transactions, and collateral
positions.The majority of these instruments mature within one year of December 31, 2009. However, due to
the nature of the Funds business, these instruments may not be held to maturity.(9)
    
    Subscriptions and RedemptionsInvestors must submit subscriptions at least five business days prior to the applicable
month-end closing date and they will be accepted once payments are received and cleared. All
subscriptions funds are required to be promptly transmitted to the escrow agent, HSBC Bank USA.
Subscriptions must be accepted or rejected by Superfund Capital Management within five business
days of receipt, and the settlement date for the deposit of subscription funds in escrow must be
within five business days of acceptance. No fees or costs will be assessed on any subscription
while held in escrow, irrespective of whether the subscription is accepted or the subscription
funds are returned.A limited partner of a Series (Limited Partner) may request any or all of his investment in
such Series be redeemed by such Series at the net asset value of a Unit within such Series as of
the end of each month, subject to a minimum redemption of $1,000 and subject further to such
Limited Partner having an investment in such Series, after giving effect to the requested
redemption, at least equal to the minimum initial investment amount of $5,000. Limited Partners
must transmit a written request of such withdrawal to Superfund Capital Management not less than
five business days prior to the end of the month (or such shorter period as permitted by
Superfund Capital Management) as of which redemption is to be effective. Redemptions will
generally be paid within twenty days after the date of redemption. However, in special
circumstances, including, but not limited to, inability to liquidate dealers positions as of a
redemption date or default or delay in payments due to each Series from clearing brokers, banks
or other persons or entities, each Series may in turn delay payment to persons requesting
redemption of the proportionate part of the net assets of each Series represented by the sums
that are the subject of such default or delay. The Funds prospectus provides if the net asset
value per Unit within a Series as of the end of any business day declines by 50% or more from
either the prior year-end or the prior month-end Unit value of such Series, Superfund Capital
Management will suspend trading activities, notify all Limited Partners within such Series of
the relevant facts within seven business days and declare a special redemption period.(10)
    
    Subsequent eventsSuperfund Capital Management has evaluated the impact of all subsequent events on the Fund
through the date the financial statements were issued and has determined that there were no
subsequent events requiring recognition or disclosure in the financial statements.
 36




---



##### 



SUPERFUND GREEN, L.P.
            (Registrant)By:
    SUPERFUND CAPITAL MANAGEMENT, INC.General PartnerBy:
    /s/ Nigel JamesNigel JamesPresident  Title withSignature
    
    Superfund Capital Management, Inc.
    
    Date/s/ Nigel James
Nigel James
    
    President
(Principal Executive Officer)
    
    October 4, 2010/s/ Martin Schneider
Martin Schneider
    
    Vice President and Director
(Principal Financial Officer and Principal Accounting Officer)
    
    October 4, 2010
  37




---



##### 



ExhibitNumber
    
    Description of Document31.1
    
    Rule 13a-14(a)/15d -14(a) Certification of Principal Executive Officer31.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
 38